NewEdge Wealth LLC acquired a new position in Corcept Therapeutics Incorporated (NASDAQ:CORT – Free Report) during the 2nd quarter, HoldingsChannel reports. The fund acquired 34,890 shares of the biotechnology company’s stock, valued at approximately $3,034,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Pathstone Holdings LLC increased its stake in shares of Corcept Therapeutics by 0.8% during the 3rd quarter. Pathstone Holdings LLC now owns 18,013 shares of the biotechnology company’s stock worth $1,497,000 after purchasing an additional 144 shares during the last quarter. State of Wyoming lifted its position in shares of Corcept Therapeutics by 29.5% during the 1st quarter. State of Wyoming now owns 816 shares of the biotechnology company’s stock valued at $33,000 after buying an additional 186 shares during the last quarter. Gould Capital LLC lifted its position in shares of Corcept Therapeutics by 50.0% during the 3rd quarter. Gould Capital LLC now owns 600 shares of the biotechnology company’s stock valued at $50,000 after buying an additional 200 shares during the last quarter. Sequoia Financial Advisors LLC grew its stake in shares of Corcept Therapeutics by 3.7% during the 4th quarter. Sequoia Financial Advisors LLC now owns 6,904 shares of the biotechnology company’s stock worth $240,000 after acquiring an additional 247 shares during the period. Finally, Evergreen Capital Management LLC grew its stake in shares of Corcept Therapeutics by 3.0% during the 4th quarter. Evergreen Capital Management LLC now owns 8,609 shares of the biotechnology company’s stock worth $300,000 after acquiring an additional 248 shares during the period. 93.61% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several research firms have recently weighed in on CORT. Wolfe Research downgraded shares of Corcept Therapeutics from a “peer perform” rating to an “underperform” rating and set a $50.00 target price for the company. in a research note on Monday, July 27th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Corcept Therapeutics in a report on Wednesday, June 24th. Truist Financial initiated coverage on shares of Corcept Therapeutics in a research note on Tuesday. They issued a “buy” rating and a $164.00 price objective for the company. Piper Sandler reaffirmed an “overweight” rating and set a $165.00 target price (up from $88.00) on shares of Corcept Therapeutics in a report on Thursday, July 30th. Finally, Canaccord Genuity Group increased their price target on shares of Corcept Therapeutics from $135.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Five equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $138.17.
Insider Transactions at Corcept Therapeutics
In related news, Director David L. Mahoney sold 103,606 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $118.25, for a total transaction of $12,251,409.50. Following the transaction, the director directly owned 1,133,539 shares in the company, valued at $134,040,986.75. This trade represents a 8.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Atabak Mokari sold 80,000 shares of the business’s stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $114.71, for a total value of $9,176,800.00. Following the transaction, the chief financial officer owned 16,130 shares in the company, valued at approximately $1,850,272.30. This represents a 83.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 520,146 shares of company stock worth $48,903,764 in the last three months. Insiders own 20.70% of the company’s stock.
Corcept Therapeutics Stock Up 1.7%
NASDAQ:CORT opened at $121.05 on Friday. The business’s 50-day moving average price is $96.60 and its two-hundred day moving average price is $64.19. Corcept Therapeutics Incorporated has a twelve month low of $28.66 and a twelve month high of $122.21. The stock has a market cap of $13.09 billion, a P/E ratio of 288.22 and a beta of 0.45.
Corcept Therapeutics (NASDAQ:CORT – Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.02 by $0.34. The company had revenue of $256.15 million during the quarter, compared to analyst estimates of $221.15 million. Corcept Therapeutics had a return on equity of 8.26% and a net margin of 6.52%.Corcept Therapeutics’s revenue was up 31.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.29 earnings per share. On average, equities research analysts expect that Corcept Therapeutics Incorporated will post 1.61 EPS for the current fiscal year.
About Corcept Therapeutics
Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company’s scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.
The company’s flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing’s syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.
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